FT LAUDERDALE, FL; Maverick Management Group, LLC, acting as an owner’s representative and project manager for California based Platinum Equity, announces the remediation of the Sheraton Suites, Fort Lauderdale at Cypress Creek. The property was hit by Hurricane Irma on September 10, 2017. Extensive damage was sustained throughout the property.
The 264,831 square-foot atrium all-suite hotel, consists of 253 guest rooms and features a pool, club lounge, 13,000 square feet of event/meeting space a fitness center and as well as a restaurant and bar. The restored property was sold for $18.25 million weeks after reopening in March. The asset increased 92% in value over 6 years.
Maverick Management Group arrived immediately to oversee the emergency mitigation, remediation and stabilization of the asset. Work commenced days after the hurricane hit and took more than seven months to complete. Most of the damage was due to wind and water on the higher floors though water made it’s way into the lower levels as well. The remediation scope included roof, exterior, interior and atrium lobby repairs. Many interior walls had to be removed and built back due to water seepage. FF&E replacement was needed in all of the guest suite and corridors. Some replacement was also needed in the restaurant and fitness center. A unique aspect of this remediation project was saving the turtles living in the atrium lobby, which the staff was very fond of.
“We mobilized immediately to minimize the extent of emergency remediation and began restoration as quickly as possible. This project was especially challenging given the amount of damage along Florida’s east coast. There was high demand for skilled workers and limited resources. We were under a lot of pressure to close out the project in time for the impending sale. We are pleased to say we accomplished the project on time despite scarce labor and a high demand for remediation equipment and materials,” said Fred Tuck, CEO of Maverick Management Group.